Kirby McInerney LLP | Financial Litigation Law Firm | <h3 >Amazon.com Inc.</h3 >
This links to the home page
Cases
PRACTICE AREAS

Amazon.com Inc.


The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Western District of Washington on behalf of those who acquired Amazon.com Inc. (“Amazon” or the “Company”) (NASDAQ: AMZN) securities from February 1, 2019 through April 5, 2022, both dates inclusive (the “Class Period”). Investors have until July 5, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit. 
 
Amazon is a multinational technology company that engages primarily in the businesses of e-commerce, cloud computing, digital streaming, and artificial intelligence.
 
On March 9, 2022, media outlets reported that the House Judiciary Committee had requested that the U.S. Department of Justice (“DOJ”) open a criminal investigation into Amazon and certain of its executives for allegedly lying to Congress about its business practices during the course of the Subcommittee Investigation. In response, Amazon asserted that there was “no factual basis” for the House Judiciary Committee’s allegations.
 
On April 6, 2022, The Wall Street Journal published an article entitled “SEC Is Investigating How Amazon Disclosed Business Practices.” The article reported, inter alia, that the SEC’s probe has been underway for more than a year and focuses on Amazon’s disclosures regarding its use of third-party seller data for its own private-label business. On this news, Amazon stock price declined by $105.98 per share, or approximately 3.23%, from $3,281.10 per share to close at $3,175.12 per share on April 6, 2022.
 
The lawsuit alleges throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that (i) Amazon engaged in anticompetitive conduct in its private-label business practices, including giving Amazon products preference over those of its competitors and using third-party sellers’ non-public data to compete with them; (ii) the foregoing exposed Amazon to a heightened risk of regulatory scrutiny and/or enforcement actions; (iii) Amazon’s revenues derived from its private-label business were in part the product of impermissible conduct and thus unsustainable; and (iv) as a result, the Defendants’ public statements throughout the Class Period were materially false and/or misleading.
 

Amazon.com Inc. Investor Contact Form